18.12.23-Monday, 08.30 am 

Good Morning all... 

What has happened on Friday? Nifty Index, as expected and written opened on a positive note at 21287.45; our expected opening band 21210-21245-21260; on the opening move, the Index made a day low 21235.30 thereafter; it moved up, made a day high 21492.30 and closed on a positive note at 21456.65 with an intra gain 273.95 points, i.e., 1.29%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to negative note near 21435-21415-21365 levels; if open, trade and sustain above 21435 then, the index may test 21465-21490-21525-21560-21600 levels. On the other hand, the immediate support lies at 21330-21280 if, the Index moves below 21280 then, it may try to re-visit 21260-21235-21215-21175-21130-21090-21040 levels.

Special Mention: On Friday, Nifty Index continued the northward journey, made an all time high 21492.30 and closed well above 21210 levels. In the near term, if the Index moves and closes above 21500-21600, then it may test 21795-21980 levels. On the other hand, the strong support now lies at 21210-21075, if the Index moves and closes below 21075 then, the Index may try to re-visit 20900-20770-20290 levels in the near term. Let see how the Index opens today at 21435-21415-21365 levels.

Nifty Bank Index: On Friday, Nifty Bank Index opened on a positive note at 47939.90; on the opening move, it made a day low 47632.85 thereafter, it moved up, made a day high 48219.95 and closed on a positive note at 48143.55 with an intra gain by 411.25 points, i.e.,0.86%, today the Nifty Bank Index must move above 48150-48220 levels; if to do so, then it may try to test 48300-48380-48445-48515-48580 levels. On the other hand, any weakness near 48150-48220 further, it moves below 48045-47935-47900 then, the Index may re-visit 47855-47830-47770-47710-47630-47550-47475 levels.

FII's & DII's Funds Flow: On Friday, FIIs continued as a net buyer, they bought on the net basis to the tune of Rs.9239.42 Cr. On other hand, the DIIs turned as a net seller, they sold on the net basis to the tune of Rs.3077.43 Cr. 

INDIA's Macro Data:

On 01st Dec'23, the S&P Global Manufacturing PMI data for the month of Nov'23 released, it moved up to 56% from 55.50% (Oct'23). Likewise, the S&P Global Services PMI data for the month of Nov'23 released on 05th Dec'23, it  moved down to 56.90 from 58.40 (Oct'23).

The RBI MPC meet held on 08th Dec'23-Friday, the MPC maintained status quo in the Repo rate without changing the interest rate i.e., 6.50%. 

GDP data for the Q2 ending Sep'23 released on 30th Nov'23-Thursday, the GDP has moved down to 7.60% Vs.7.80% (Q1-Jun'23). 

IIP data for Oct'23 released on 12th Dec'23-Tuesday, the data shows that, the Industrial production has moved up to 11.70% when compared to the Sep'23, it stood at 6.20%. 

Annual Inflation data for Nov'23 released on 12th Dec'23-Tuesday, it shows that the Inflation has further moved up to 5.55% from Oct'23 level i.e., 4.87%.

WPI Inflation data for the month of Nov'23 released on 14th Dec'23-Thursday, it has moved up to 0.26% as against the Oct'23 level i.e.,-0.52%.

Wishing you for a safe, secured and profitable trading.

DISCLAIMER:

The writing in the above daily market update should only be construed as guidance. I assert that any business or investment decisions should not be based purely on the information presented in the daily market update. As a Research Analyst, I will not be responsible for any losses incurred by a visitor/investor/client, as a result of decisions made based on any information given in the daily market update.

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